Insurance Market in Japan by Type and Sales Channel - Forecast and Analysis 2022-2026

  • Published: Nov 2021
  • Pages: 120
  • SKU: IRTNTR71550
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The insurance market share in Japan is expected to increase by USD 42.62 billion from 2021 to 2026, and the market’s growth momentum will decelerate at a CAGR of 2.42%. 

This insurance market research report of Japan provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers insurance market segmentation in Japan by type (life and non-life) and sales channel (sales personnel, insurance agencies, and others). The insurance market report of Japan also offers information on several market vendors, including Allianz Group, Asahi Mutual Life Insurance Co., Dai-ichi Life Holdings Inc., LIFENET INSURANCE CO., Mitsubishi HC Capital Inc., MS and AD Insurance Group Holdings Inc., Sompo Holdings Inc., The Toa Reinsurance Co. Ltd., Tokio Marine Holdings Inc., and Zurich Insurance Co. Ltd. among others.

What will the Insurance Market Size in Japan be During the Forecast Period?

Download the Free Report Sample to Unlock the Insurance Market Size in Japan for the Forecast Period and Other Important Statistics

 

Insurance Market in Japan: Key Drivers and Trends

The growing geriatric population in Japan is notably driving the insurance market growth in Japan, although factors such as vulnerability toward cybercrime may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the insurance industry in Japan. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Insurance Market Driver in Japan

One of the key factors driving growth in the insurance market in Japan is the growing geriatric population in Japan. Japan has one of the largest percentages of the geriatric population in the world. As of September 2021, the population of people over 65 years of age in Japan was around 36.4 million, which is a 30% increase from the previous year. In addition, the birth rate in Japan is dropping at a gradual rate. In 1971, Japan’s birth rate was 18.8 children per 1,000 people; however, in 2020, the birth rate in the country has declined to 7.2 children per 1,000 people. The longevity of life and decreased birth rate in the country have prompted insurers to offer insurance at lower interest rates and for longer maturity periods, which, in turn, is driving consumers to buy insurance in Japan.

Key Insurance Market Challenge in Japan

The vulnerability toward cybercrime will be a major challenge for the insurance market in Japan during the forecast period. Advances in technology are encouraging online and on-device data storage. The industry relies more on technology, including processing systems, online data, and electronic communications for the ease of business and management. However, the same advances in technology also make data vulnerable to cybercrime. The incidents of cybercrime include the hacking of computers and in-house software, as well as intrusion into the intranet portals. The insurance market in Japan can be affected by the misappropriation of data on devices or the cloud and the selling of clients’ confidential information to competitors. Any cybersecurity failure or misuse of data could expose an organization’s information to hackers. It could also result in a huge monetary loss, and hence, the problem needs to be addressed at the source.

This insurance market analysis report of Japan also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.

Who are the Major Insurance Market Vendors in Japan?

The report analyzes the market’s competitive landscape and offers information on several market vendors, including:

 

  • Allianz Group
  • Asahi Mutual Life Insurance Co.
  • Dai-ichi Life Holdings Inc.
  • LIFENET INSURANCE CO.
  • Mitsubishi HC Capital Inc.
  • MS and AD Insurance Group Holdings Inc.
  • Sompo Holdings Inc.
  • The Toa Reinsurance Co. Ltd.
  • Tokio Marine Holdings Inc.
  • Zurich Insurance Co. Ltd.

 

This statistical study of the insurance market in Japan encompasses successful business strategies deployed by the key vendors. The insurance market in Japan is fragmented and the vendors are deploying various organic and inorganic growth strategies to compete in the market.

To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The insurance market in Japan forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies. 

What are the Revenue-generating Type Segments in the Insurance Market in Japan?

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The insurance market share growth in Japan by the life insurance segment will be significant during the forecast period. The major factor driving the adoption of life insurance in Japan is the low rate of interest charged from customers for life insurance. 

This report provides an accurate prediction of the contribution of all the segments to the growth of the insurance market size in Japan and actionable market insights on post COVID-19 impact on each segment.

 

Insurance Market Scope in Japan

Report Coverage

Details

Page number

120

Base year

2021

Forecast period

2022-2026

Growth momentum & CAGR

Decelerate at a CAGR of 2.42%

Market growth 2022-2026

$ 42.62 billion

Market structure

Fragmented

YoY growth (%)

2.46

Regional analysis

Japan

Competitive landscape

Leading companies, Competitive strategies, Consumer engagement scope

Key companies profiled

Allianz Group, Asahi Mutual Life Insurance Co., Dai-ichi Life Holdings Inc., LIFENET INSURANCE CO., Mitsubishi HC Capital Inc., MS and AD Insurance Group Holdings Inc., Sompo Holdings Inc., The Toa Reinsurance Co. Ltd., Tokio Marine Holdings Inc., and Zurich Insurance Co. Ltd.

Market dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period

Customization purview

If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

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What are the Key Data Covered in this Insurance Market Report of Japan?

  • CAGR of the market during the forecast period 2022-2026
  • Detailed information on factors that will drive insurance market growth in Japan during the next five years
  • Precise estimation of the insurance market size in Japan and its contribution to the parent market
  • Accurate predictions on upcoming trends and changes in consumer behavior
  • A thorough analysis of the market’s competitive landscape and detailed information on vendors
  • Comprehensive details of factors that will challenge the growth of insurance market vendors in Japan

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Executive Summary

    Market Landscape

    • Market ecosystem
    • Value chain analysis

    Market Sizing

    • Market definition
    • Market segment analysis
    • Market size 2021
    • Market outlook: Forecast for 2021 - 2026

    Five Forces Analysis

    • Five forces summary
    • Bargaining power of buyers
    • Bargaining power of suppliers
    • Threat of new entrants
    • Threat of substitutes
    • Threat of rivalry
    • Market condition

    Market Segmentation by Type

    • Market segments
    • Comparison by Type
    • Life - Market size and forecast 2021-2026
    • Non-life - Market size and forecast 2021-2026
    • Market opportunity by Type

    Market Segmentation by Sales channel

    • Market segments
    • Comparison by Sales channel
    • Sales personnel - Market size and forecast 2021-2026
    • Insurance agencies - Market size and forecast 2021-2026
    • Others - Market size and forecast 2021-2026
    • Market opportunity by Sales channel

    Customer landscape

    • Market drivers
    • Market challenges
    • Market trends

    Vendor Landscape

    • Vendor landscape
    • Landscape disruption

    Vendor Analysis

    • Vendors covered
    • Market positioning of vendors
    • Allianz Group
    • Asahi Mutual Life Insurance Co.
    • Dai-ichi Life Holdings Inc.
    • LIFENET INSURANCE CO.
    • Mitsubishi HC Capital Inc.
    • MS and AD Insurance Group Holdings Inc.
    • Sompo Holdings Inc.
    • The Toa Reinsurance Co. Ltd.
    • Tokio Marine Holdings Inc.
    • Zurich Insurance Co. Ltd.

    Appendix

    • Scope of the report
    • Currency conversion rates for US$
    • Research methodology
    • List of abbreviations

    Research Framework

    Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

    TechnavioINFORMATION SOURCES

    Primary sources

    • Manufacturers and suppliers
    • Channel partners
    • Industry experts
    • Strategic decision makers

    Secondary sources

    • Industry journals and periodicals
    • Government data
    • Financial reports of key industry players
    • Historical data
    • Press releases
    Technavio

    TechnavioDATA ANALYSIS

    Data Synthesis

    • Collation of data
    • Estimation of key figures
    • Analysis of derived insights

    Data Validation

    • Triangulation with data models
    • Reference against proprietary databases
    • Corroboration with industry experts
    Technavio

    TechnavioREPORT WRITING

    Qualitative

    • Market drivers
    • Market challenges
    • Market trends
    • Five forces analysis

    Quantitative

    • Market size and forecast
    • Market segmentation
    • Geographical insights
    • Competitive landscape
    Interested in this report?
    Get your FREE sample now!
    The insurance market growth will increase by $42.62 billion during 2021-2026.
    The insurance market is expected to grow at a CAGR of 2.42% during 2021-2026.
    Technavio has segmented the insurance market by type (Life and Non-life) ,other1 (Sales personnel, Insurance agencies, and Others) , and geographic (Japan).
    Allianz Group, Asahi Mutual Life Insurance Co., Dai-ichi Life Holdings Inc., LIFENET INSURANCE CO., Mitsubishi HC Capital Inc., MS and AD Insurance Group Holdings Inc., Sompo Holdings Inc., The Toa Reinsurance Co. Ltd., Tokio Marine Holdings Inc., Zurich Insurance Co. Ltd. are a few of the key vendors in the insurance market.
    Japan will register the highest growth rate of 100.00% among the other regions. Therefore, the insurance market in Japan is expected to garner significant business opportunities for the vendors during the forecast period.
    The key factors driving the insurance market growth are:
    • Growing geriatric population in Japan
    The insurance market vendors should focus on grabbing business opportunities from the life segment as it accounted for the largest market share in the base year.
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